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Australia's Midwest says worth over A$7/share

Tue Mar 18, 2008 10:27pm EDT

SYDNEY, March 19 (Reuters) - Australian iron ore prospector and takeover target Midwest Corp MIS.AX said on Wednesday it is worth at least A$7 a share.

Chief Executive Bryan Oliver made the remarks in a conference call with reporters.

Chinese metals trader Sinosteel Corp is offering A$954 million ($883 million), or A$5.60 a share for the Midwest shares it does not already own, the first hostile bid by a Chinese firm in Australia's mining sector.

Sinosteel already owns 19.9 percent of Midwest. ($1=A$1.08) (Reporting by James Regan)



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